FEB. 10, 2016 — Martin Shkreli, the 32-year-old poster child of greedy drug companies, smirked and smiled his way through a congressional hearing last week, ultimately pleading the Fifth.
The reason for his appearance Thursday before the House Committee on Oversight and Government Reform was to explain why some pharmaceutical firms dramatically raise prices for certain prescription drugs. Case in point: the decision in September by Turing Pharmaceuticals, where Shkreli was CEO at the time, to jack up the price of Daraprim, used to treat a parasitic disease, from $13.50 a tablet to $750.
The former hedge fund manager, who became the target of national derision for his brash defense of the price hike, could have given lawmakers some guidance. Instead, he declined to answer questions, invoking his Fifth Amendment right against self-incrimination. In December Shkreli was charged with securities fraud, unrelated to Daraprim’s price.
After the hearing, he tweeted: “Hard to accept that these imbeciles represent the people in our government.”
Fortunately, other industry representatives were more respectful of Congress’ interest in finding ways to control drug costs and offered House members their input. Shkreli had 50 minutes at the witness table, but he shouldn’t have bothered. At least his arrest didn’t change his endearing qualities.
